Republican lawmakers targeted President Biden over an economic report from his administration that did not identify fiscal stimulus as a contributor to inflation.
Former Council of Economics Advisers Chairman Kevin Hassett discusses Fed Chair Powell's testimony on Capitol Hill, Biden blaming Putin for price hikes, oil executives meeting at the White House and recession risk in the U.S.rosy outlook laid out in an economic report earlier this year, blaming the White House for policy missteps that helped to stoke the hottest inflation in four decades.
While the Republican lawmakers agreed that supply chain disruptions and shortages from the COVID-19 pandemic bear some responsibility for the inflation spike, they argued those global factors cannot "fully explain the magnitude of U.S. inflation."
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